Rival IQ, a social media analytics firm, has released its annual Social Media Industry Benchmark Report for 2024, providing data and insights across major industries and platforms. The report analyzes engagement rates, posting frequencies, top post types, and trending hashtags to help brands and creators optimize their social strategies.

The research features the following 14 industries: Alcohol, Fashion, Financial Services, Food & Beverage, Health & Beauty, Higher Education, Home Decor, Influencers, Media, Nonprofits, Retail, Sports Teams, Tech & Software, and Travel.

“We looked at more than 5 million posts and 10 billion (yes, with a ‘b’) likes, comments, and favorites on Facebook, Instagram, TikTok, and Twitter from top brands in every major industry to bring you the freshest social media benchmark data for posting frequency, post types, hashtags, and more,” Rival IQ states.

TikTok Shines Despite Declining Engagement Rates

While TikTok’s median engagement rate per video dropped by around 50% to 2.63%, it continues to outperform other channels significantly. Instagram’s median engagement rate stands at 0.43%, with Facebook at 0.063% and X at 0.029%. TikTok’s viral nature keeps it at the forefront for brands seeking high engagement.

Posting Frequencies Vary Across Platforms

Brands increased their posting cadence slightly on Instagram and TikTok compared to 2023 but pulled back on Facebook and X. The report notes a median of 4.7 posts per week on Instagram, 1.92 videos per week on TikTok, 4.69 posts per week on Facebook, and 3.31 X posts per week across industries.

Holiday and Trending Hashtags Drive Engagement

Holiday and trending hashtags emerged as top engagement drivers across industries and platforms. On Instagram, hashtags like #BlackFriday, #Thanksgiving, and #Christmas resonated, while X saw success with #ValentinesDay and event-related hashtags like #Wimbledon and #Oscars. TikTok creators leveraged viral trends like #AlbumCover and #WesAnderson.

Reels Overtake Videos on Instagram

Reels surpassed traditional video posts in engagement rates for brands on Instagram. The report advises focusing on Reels and Carousels on the platform for optimal performance.

The report emphasizes engagement rate per post as the key metric, factoring in post volume and audience size for an accurate competitive assessment. “To us, engagement rate per post is the metric because it controls for post volume and audience size and helps marketers understand how they’re doing in relation to their competitors,” Rival IQ says.

Brands can leverage these insights to benchmark their performance, identify opportunities, and refine their cross-platform content strategies accordingly.

The company encourages businesses to explore data landscapes for live industry metrics and run head-to-head reports against competitors for comprehensive analysis. As social platforms evolve, staying ahead of trends and audience preferences becomes crucial for effective marketing and brand-building efforts.